It was formerly very difficult to record information other than images onto a silver halide color photographic material (photosensitive material, hereinafter) at the time of photograph-taking or printing. However, it has now become practical to place a wide variety of information, including photographing conditions such as a date and weather at the time of photograph-taking, magnification/reduction ratio, and developing and printing conditions such as the number of reprinted sheets, a zooming requested area, a message, etc., in a photosensitive material by providing a magnetic recording layer as disclosed in U.S. Pat. Nos. 3,782,947, and 4,279,945, or by using signal input-output methods as disclosed in World Patents 90-04205 and 90-04212. Furthermore, output of such information from a photosensitive material into a display unit, such as a television/video, etc., has become practical. For a recording material containing both magnetic and optical recording layers it is required that the magnetic recording layer does not adversely affect photographic properties, particularly when the magnetic recording layer is laminated over the whole surface of the photographic film as disclosed in JP-B-42-4539, JP-B-57-6576 (The term "JP-B" as used herein means an "examined Japanese patent publication") and JP-A-53-109604 (The term "JP-A" as used herein means an "unexamined published Japanese patent application"). Consequently, the magnetic recording layer most desirably has high transparency and low transmission density, and is slightly dependent on wavelength in the visible region with regard to transmission density characteristics, namely, comparable to neutral gray. However, the .gamma.-ferric oxide used in JP-B-57-6576 and JP-A-53-109604 adversely affects photographic characteristics by disturbing the color balance which is an important photographic characteristic. Since .gamma.-ferric oxide has low transmittance with respect to light rays of short wavelengths, and high transmittance with respect to those of long wavelengths, .gamma.-ferric oxide cannot be considered to be neutral gray. Therefore, it has been desired to improve such magnetic recording layers.